Common use of Wage Structure Clause in Contracts

Wage Structure. ‌ 1.2.1. WAGE INCREASES Wages shall increase proportionally, with a minimal increase in ISK, unless the wage tables that accompany this Agreement indicate otherwise. Monthly wages refer to fixed monthly wages for daytime work. 1 February 2024 3.25% or ISK 23,750 1 January 2025 3.50% or ISK 23,750 1 January 2026 3.50% or ISK 23,750 1 January 2027 3.50% or ISK 23,750 The above-mentioned increase to wage rates are calculated in the published rates in Article 1.1. and in the attachment on page 67-70. Wage-related items in the collective wage agreement increase as follows, unless otherwise negotiated. 1 February 2024 3.25% 1 January 2025 3.50% 1 January 2026 3.50% 1 January 2027 3.50% Should the Agreement remain in effect, the Wage and Premises Committee shall, in March of 2025, 2026 and 2027, decide upon a special wage rate increase if Statistics Iceland’s wage index for the general labour market shows that wages have increased beyond the increase for the lowest wage rate. The proportionate increase of this index shall be compared to the proportionate increase of wage bracket 4 according to the SGS/Efling Agreement for the same time period. The wage rate increase is calculated as a full percentage increase in excess of the aforementioned wage rates and the minimum wage rates for all Parties to the Agreement shall increase by that percentage as of and including 1 April of every year. a. The wage rate increase and wage index trends from the period between November of 2023 and November of 2024 will be taken into consideration in March of 2025. b. The wage rate increase and wage index trends from the period between November of 2024 and November of 2025 will be taken into consideration in March of 2026. c. The wage rate increase and wage index trends from the period between November of 2025 and November of 2026 will be taken into consideration in March of 2027. In the event that productivity increases and wage rate increases pursuant to this Agreement are payable at the same time, the minimum wage rate stated in these Agreements shall be subject to the higher increase. Should productivity increase by more than 2% in 2025 and 2026, workers shall receive a share of that value increase in the form of a special productivity increase, provided that certain conditions are met. Productivity increase and payment for productivity increase is further discussed in an attachment to this Agreement.